The Hindu Business Line : IFFCO picks up 12 per cent stake in NCDEX

IFFCO, the leading co-operative institution, has strong presence in the agricultural sector and is primarily engaged in the production and distribution of fertilisers in the country.

"Our association with NCDEX will now widen the scope for farmers in finding the right price and hedging associated risks," said Mr U.S. Awasthi, Managing Director of IFFCO.

"This participation by IFFCO would be the beginning of a mutually benefiting partnership, and take us towards our goal of facilitating optimum cropping patterns based on market led requirements as reflected by the prices on our platform," said Mr P.H. Ravikumar, Managing Director and CEO, NCDEX.

"IFFCO's shareholding in NCDEX would provide both the organisations with synergies for the benefit of the producers. IFFCO with a membership of over 37,000 co-operatives having over five crore members spread all over the country, blends perfectly into NCDEX's aim of price discovery and price dissemination for agricultural commodities," Mr Ravikumar said in a release.

"IFFCO has all along been working with the farmers and helping them to obtain good yields by providing quality inputs for agriculture at an economical cost," Mr Awasthi said.

"With this arrangement with NCDEX, we would be facilitating our members' societies to participate on the exchange platform, and thereby provide enhanced economic strength and benefits to the farmers," he said.

IFFCO's main objective has been to enable Indian farmers to prosper through timely supply of reliable, high quality agricultural inputs and services in an environmentally sustainable manner, and to undertake other activities to improve their welfare, Mr Ravikumar said.

IFFCO has no stake in any other commodity exchange and has chosen to join the select list of NCDEX's shareholders that comprise Crisil, ICICI Bank, LIC, Nabard, NSE and PNB.

NCDEX is an online nationwide, multi-commodity, demutualised commodity exchange. It has over 230 members spread across more than 120 centres in the country with over 500 VSAT and leased lines connections, and over 1,000 terminals that provide a transparent robust and efficient trading platform. It provides trading in futures contracts in 15 commodities, including both precious metals and agricultural commodities.

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